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JPM

JPMorgan Chase & Co.

5/18/2013, 6:51 PM ET

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Friday, May 17, 2:59 PM Wells Fargo (WFC) and Citigroup (C) have halted the vast majority of foreclosure sales in numerous states following the release of new standards from the OCC, reports the American Banker. Harkening back to the days of the robo-signing scandal, Wells' foreclosure sales across 5 westerns states dropped to fewer than 10 per day in April from more than 300 previously. JPMorgan (JPM) also slowed sales, but has returned to normal activity. BofA (BAC) is proceeding as usual. 1 Comment [Financials, U.S. Economy]
Friday, May 17, 11:22 AM In a late bit of campaigning, JPMorgan's (JPM) board sends a letter to shareholders urging they vote against the proposal to split the Chairman and CEO roles. The directors also endorse the re-election of ... themselves. One large fence-sitter - T. Rowe Price - will vote against the split, with fund manager Brian Rogers suggesting a look at the scoreboard says Dimon and his team know what they're doing. The annual meeting is set for Tuesday. Comment! [Financials]
Thursday, May 16, 3:55 PM Described as a win for Wall Street's biggest swaps dealers - JPM, BAC, C, MS, and GS - the CFTC approves new swap trading rules 3 years after the passage of Dodd-Frank. The rules mandate new trading platforms making bids and offers public, but require traders send request for bids to just two firms before execution rather than the five some had called for. Smaller exchanges aren't sweating it, instead happy they now have a defined system to operate under. 1 Comment [Financials]
Wednesday, May 15, 3:01 PM Commodity trading revenue at the top 10 global investment banks plunged 54% Y/Y to just $1.2B, according to Coalition. The outliers are Goldman Sachs (GS) and JPMorgan (JPM), both of which reported slight increases in activity (Q2 looking decent at JPM as well). Leading on the downside was a 77% drop at Morgan Stanley (MS), whose commodity desk has been alternatively on the block or set for restructuring. 1 Comment [Financials]
Wednesday, May 15, 1:06 PM Eschewing legal action (for the moment), Portugal and JPMorgan (JPM) are in talks to resolve differences over the bank's sale of potentially costly derivative contracts to state-owned companies there. Lisbon could face losses of up to €3B over products aimed at hedging higher European money rates just as they were set to plunge. 1 Comment [Financials, Global & FX]
Tuesday, May 14, 3:59 PM Insiders at JPMorgan (JPM +1.1%) believe Jamie Dimon has the votes to support his dual roles of CEO and Chairman, reports Charlie Gasparino. Key will be big votes from BlackRock and T. Rowe Price due in a few days, and execs feel they have won those. If Dimon loses? "He won't leave them in the lurch ... he will groom a successor." 8 Comments [Financials]
Tuesday, May 14, 11:02 AM JPMorgan's (JPM +1.5%) Q2 trading revenues are running 10-15% above those of a year ago, says Co-CEO of the corporate and investment bank Mike Cavanagh, keynoting the UBS Financial Services Conference. Should the figure hold, it would be a nice improvement over what has been punkish growth at the global banks. As for the kerfuffle over Dimon, Cavanagh says it's the board's decision, but he humbly suggests the board - as currently configured - has done a pretty good job. 1 Comment [Financials]
Monday, May 13, 12:03 PM JPMorgan (JPM) could fall 10% should Jamie Dimon follow through on a veiled threat and exit the bank if he is stripped of the chairman's role, says Mike Mayo, wondering who's standing in the wings to replace him. A fiery Ken Langone pronounces himself "terrified" at the thought of a Jamie Dimon-less JPMorgan. 4 Comments [Financials]
Saturday, May 11, 5:05 PM Jamie Dimon is threatening to leave JPMorgan (JPM) if stripped of the Chairman role, sources say. 82 Comments [Financials, Breaking News]
Friday, May 10, 2:51 PM JPMorgan's (JPM) board opposes splitting the chairman and CEO roles, calling the change "disruptive ... not in the best interest of shareholders." The letter reminds that all directors are independent with the exception of Dimon. It's signed by presiding director Lee Raymond - formerly chairman and CEO of Exxon - and corporate governance chair Bill Weldon - formerly chairman and CEO of J&J. 6 Comments [Financials]
Friday, May 10, 9:14 AM U.K. shareholder adviser PIRC comes out in favor of splitting the Chairman and CEO roles at JPMorgan (JPM). This whole exercise is a bit silly, says James Altucher. Change Dimon's title to dishwasher if you like - is there any question about who's running the show? The greatest disservice "self-styled" pension guardians can do is to feign control and expertise when they have neither. Comment! [Financials]
Thursday, May 9, 5:17 PM California AG Kamala Harris files suit against JPMorgan (JPM) for alleged "fraudulent and unlawful debt-collection practices" against ~100K credit card holders in the state. Chase's use of illegal robo-signing was "widespread," and "sewer service" litigation was used against borrowers, the suit alleges. (PR) 3 Comments [Financials, Breaking News]
Wednesday, May 8, 4:25 PM JPMorgan (JPM) has reportedly received a "Wells-type" notice from the FERC in regards to its probe into the bank's energy trading. The bank has already been sued the agency for alleged manipulation of energy markets, so it's unclear what this particular note is about. Comment! [Financials, Breaking News]
Wednesday, May 8, 11:52 AM Calpers is set to vote for splitting the chairman and CEO roles at JPMorgan (JPM +1.6%), reports the NYT - not a huge surprise as the fund voted in favor of the same proposal last year, and that was before the London Whale loss disclosure. Previous: The political knives are out for Dimon. 2 Comments [Financials]
Wednesday, May 8, 10:34 AM JPMorgan (JPM +1.1%) has named Erik Bisso to run the chief investment office (CIO) for North America, reports Bloomberg, citing an internal memo. Bisso previously ran MBS pass-trough trading for the bank. The move "demonstrates our ongoing commitment to developing senior talent and encouraging mobility across the firm," writes global CIO chief Craig Delany. Comment! [Financials]
Wednesday, May 8, 10:29 AM There's a "real chance" Jamie Dimon (JPM +1%) may have to drop his dual chairman and CEO roles, according to sources at the bank, reports Charlie Gasparino, lamenting what he calls a politically-based attack. The key may end up being BlackRock - a major shareholder whose CEO Larry Fink also happens to be chairman. Fink, however, has his eye on the Treasury Secretary's office and may "throw Dimon under the bus" to advance that goal. 6 Comments [Financials]

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